www.pwc.lu/mifid 
           Markets in 
           Financial 
           Instruments 
           Directive II  
           (MiFID II) – Level 1 
            
           MiFID II 
           Directive 2014/65/EU 
            
           MiFIR 
           Regulation (EU) No 600/2014 
                                             February 2015 
    PwC                                            1 
          MiFID II/MiFIR expected  
          EU legal framework 
                                                                                                                                      Number of 
                                                                                                                                 documents expected 
                                                        •   specific requirements regarding the provision of 
                                                            investment services 
                                                        •   scope of exemptions from the current Directive 
                                                        •   organisational and conduct of business 
                                                            requirements for investment firms 
                                 Directive              •   organisational requirements for trading venues 
                                 “MiFID”                •   authorisation and ongoing obligations applicable 
                                                            to providers of data services 
                                                        •   powers available to competent authorities 
             Level                                          sanctions 
                                                        •   rules applicable to third-country firms operating 
                 I                                          via a branch 
                                                        •   disclosure of trade transparency data to the 
                                                            public and transaction data to authorities 
                                                        •   removing barriers to non-discriminatory access to 
                                                            clearing facilities 
                                Regulation              •   the mandatory trading of derivatives on 
                                  “MiFIR”                   organised venues 
                                                        •   specific supervisory actions on fin. instruments 
                                                            and positions in derivatives 
                                                        •   provision of services by third-country firms 
                                                            without a branch 
                                                        Expected on a range of topics to provide specifics                       
                                Commission              (e.g. exemption - when an activity is provided in an                    20 (MiFID II) 
                               Delegated acts           incidental manner- , best execution factors, client                     12 (MiFIR) 
                                                        order handling rules…)                                                   
                                                        Expected on a range of topics to provide specifics 
             Level              Commission              (e.g. timing and communication on suspension and 
                II             Implementing             removal of FI from trading, standard forms for the                      14 RTS (MiFID II) 
                                 Regulations 
                                                        exchange of information…). Adopted on the basis of 
                                                        ESMA implementing technical standards 
                                Commission              Expected on a range of topics to provide specifics 
                                  Delegated             (e.g. exemptions, best execution information…).                         23 RTS (MiFID II) 
                                 Regulations            Adopted on the basis of ESMA regulatory 
                                                        technical standards 
                                                        Expected on a range of topics to provide specifics 
            Level                  ESMA                 (e.g.. Assessment and supervision of cross selling                      9 (MiFID II) 
               III             Guidelines               practices, assessment of financial instruments with                     1 (MiFIR) 
                                                        a structure which makes it hard for the client to 
                                                        understand the risk involved…) 
         PwC 
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